The New Zealand Dollar (NZD) reached 0.4990 (2.005) against the British Pound late in 2023 the May high before falling back sharply as 2024 got underway. Boosted by risk off flows the Pound has extended gains to 0.4860 (2.0560) this morning. UK GDP has fallen by 0.2% in the 3 months to November compared with the 3 months to August sending the GBP broadly lower following the news. Although the November figure came in better than forecast the past 3 months have revealed a larger than anticipated economic contraction. Governor Bailey speaks later today prior to tomorrow’s CPI y/y data- predicted to print at 3.8% down from 3.9% in November. Trend is firmly still with the GBP.
Current Level: 0.4866
Resistance: 0.5000
Support: 0.4785
Last Weeks Range: 0.4880 – 0.4920